47-1A-957. Cooperative converted to business corporation.
82 words·~1 min read·
/sd/title-47/chapter-47-1/47-1a-957A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any cooperative may convert itself into a business corporation by adopting an amendment to its articles by which it elects to become subject to chapter 47-1A , together with changes in its articles required by the chapter and other desirable changes permitted by the chapter. Such amendment shall be adopted, filed, and recorded in the manner provided by the law then applicable to the cooperative. The conversion is effective upon the issuance of the certificate of amendment by the secretary of state.